In the midst of a period of geopolitical tensions, China is making appeals to the leaders of the largest Western companies. It remains to be seen whether the welcoming speeches will be enough to convince them. The bosses of multinationals, particularly American ones, were received on Sunday March 24 and Monday March 25 for the China Development Forum in Beijing.
Since 2000, Chinese authorities have used this platform to present their economic priorities to the business community. In 2024, we saw the cream of the world economy: Tim Cook, from Apple, Albert Bourla, from Pfizer, or Stephen Schwarzman, founder of Blackstone.
These influential figures heard a speech from Prime Minister Li Qiang explaining to them the new Chinese economic doctrine. THE “new productive forces”as their name indicates, are focused on production more than on consumption, while many economists consider that it is the latter that should be supported more to revive the economy of the Middle Kingdom.
The increase in national production is already a source of trade conflicts. With the West, and the European Union in particular, which is currently investigating subsidies from different layers of the Chinese state to electric car factories, before imposing probable customs taxes later in the year. But not only that: Brazil launched an anti-dumping investigation into deliveries of Chinese steel at the beginning of March.
Absolute centralization
The Managing Director of the International Monetary Fund, Kristalina Georgieva, took the opportunity to warn: “China is at a crossroads. » She suggests strengthening the social security net for Chinese families to enable them to consume, and giving more space to the private sector.
The bosses did not have the traditional private and extensive exchange with the Prime Minister, like in other years. Instead, according to the Wall Street Journal, some of them could be received by President Xi Jinping on Wednesday March 27. A change that sends a double message.
On the other hand, it is a sign that the questions of international companies are being heard at the highest level. On the other hand, this meeting, if it were to be confirmed, is a new illustration of the absolute centralization of Chinese power, a year after Xi began his third term.
China attracted 215 billion yuan (27.5 billion euros) in foreign investment in the first two months of 2024, a figure down 19.9% compared to the same period a year ago. according to data published on Friday March 22 by the Ministry of Commerce.
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